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As an electrician, you know how important it is to give your customers professional-quality service. But to build trust and give the best service possible, it is important to have a reliable and easy-to-use payment processing system in place. At Mantra Payments, we focus on helping small businesses like yours find payment solutions that work for them. In this article, we will go over the benefits of credit card processing solutions and explain how they can help your business grow.
ELECTRICIAN CREDIT CARD PROCESSING OVERVIEW
What Is Credit Card Processing?
Credit card processing for your electrical business is the multi-step process and transmission of card data from a point-of-sale system through vast credit card networks and banks, resulting in the transfer of funds into a business. In today's digital age, transactions can take place almost anywhere – in person, online, over the phone, or by mail. With that being said, several organizations are involved in credit card processing, such as consumers, the business (merchant), payment gateway, the credit card processor, card networks, the issuing bank, and the acquiring bank. The four largest credit card networks are Visa, MasterCard, American Express, and Discover. Credit card processing companies, which fall into the categories of merchant account providers and payment processing providers, handle the logistics of accepting card payments.
Electrician Credit Card Processing Topics
Why Choose Mantra Payments As Your Electrician Credit Card Processing Company?
Mantra Payments provides an effective and powerful way to manage your business’s credit card processing. We know that small business owners already have so much on their plate, so let us take care of your credit card processing and merchant services, stress-free.
When customers spend money on goods and services, they expect transactions to be quick, secure, and frictionless. Customers can pay by dipping, tapping, or swiping their credit or debit cards. When you use Mantra Payments as your merchant services provider, you can be confident that the information provided by your customers is safe and secure.
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On average, small business owners using Mantra Payments pay as little as 1.9% per transaction.
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For over 11 years, Mantra Payments has been certified as a level 1 PCI provider.
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We strive to process all transactions with security in mind.
Secure + Safe Data
We utilize advanced security measures and the latest encryption technologies to protect your clients' credit card information and provide you with peace of mind as you run your business.
24/7 Customer Support
We utilize advanced security measures and the latest encryption technologies to protect your clients' credit card information and provide you with peace of mind as you run your business.
100% Price Transparency
Our pricing is transparent and saves your business money with low transaction fees and no surprise hidden fees. We strive to offer the highest level of service to you and your business.
HOW IT WORKS
How Credit Card Processing Works
1. Credit card processing for electricians starts with the consumer. The consumer (customer) submits a payment request using their credit card, and the small business (merchant) is provided with the relevant payment information.
2. The information regarding the payment can be accepted and collected by the merchant in one of two ways:
In person, which is referred to as a "card-present" transaction.
Online or over the phone, which is referred to as a "card-not-present" transaction.
3. After then, the information regarding the payment is transmitted to the credit card processor, who then transmits it to the card network.
4. The information on the payment is sent to the consumer's bank, which is known as the issuing bank.
5. It is the duty of the consumer bank to check whether or not the cardholder possesses an adequate amount of available dollars or credit to finish the transaction. Additionally, the bank could conduct some security procedures to check if the purchase is authentic. The next step is for it to decide whether or not to accept the transaction, after which it will convey its verdict to the credit card processor. The three most typical explanations for why a transaction is refused are as follows:
There are insufficient monies in the account.
The credit limit has been reached by the consumer.
The purchase was made without permission (e.g. if the card used has been reported lost or stolen).
6. If the transaction is able to pass the verification processes of the consumer bank, then the monies are transferred from the merchant account of the consumer bank to the account of the merchant, and then the settlement process begins.
7. In the meantime, the notice is sent from the consumer bank to the point of origin of the sale. This, in turn, often results in a message being shown on the card reader or the virtual terminal that informs the merchant whether or not the transaction has been "authorized" or "declined."
8. Settlement is the final stage in the process, and depending on the card network that was involved in the transaction, it can take anywhere from a few hours to several days to complete. The term "settlement" refers to the formal transfer of the transaction amount, less any relevant processing costs, from the consumer bank to the merchant bank. Mantra Payment credit card processing can offer same day or next-day settlements upon request.
BENEFITS
The Benefits of Credit Card Processing Solutions for Electricians
There are a handful of perks that come along with being able and willing to accept the payment method that is most desired by your clients. To begin, when consumers shop using a credit card rather than paying cash for their purchases, they have the ability to spend more money for your services. Second, you won't miss out on any sales opportunities with consumers who don't have cash on them. When it comes to payment processing, there are several solutions available to help your business accept credit cards.
COST AND FEES
How Much Does Credit Card Processing Cost For Electricians?
With credit card processing solutions, you can automate various aspects of your payment process, saving time and reducing manual errors. For example, credit card terminals can generate receipts and automatically record transaction details, simplifying your accounting and reconciliation processes. This streamlined operation allows you to focus on other aspects of your business and improve overall efficiency. Credit card pricing and fees per transaction are usually determined and assessed by each credit card processor. Fees are also regulated and monitored by the individual credit card networks like VISA, MasterCard, Discover, and American Express in conjunction with the U.S. Congress. At Mantra Payments, we customize rates as low as 1.9% per transaction and guarantee each small business owner the most competitive and low-cost processing fees available in the industry.
Credit Card Processing Fees
When customers pay with credit cards, your business will typically be charged 3 types of fees, such as an interchange fee, an assessment or service fee, and a processing fee by the credit card processor you work with. You could be required to pay additional fees, based on the pricing plan that your processor implements or platform fees based on the hardware you choose for your business.
Interchange Fees
There is one fixed cost associated with using a credit card, and that is the interchange fee, which is assessed by the issuing bank whenever a transaction is processed. These fees are non-negotiable and help cover the risks associated with completing the transaction. These risks include the payment being approved, the risk of fraud, and the risk of bad debt. The interchange charge is a percentage of the entire purchase amount in addition to a predetermined transaction cost that is specified by each card network. This fee is collected by the consumer's bank (the issuing bank). This charge, which constitutes the greatest portion of the overall cost of processing payments made through credit card, is generally affected by the particular credit card that is being used for the transaction. The interchange rate for credit cards in the United States is typically 1.9%, while the interchange rate for debit cards is roughly 0.3%.
Assessment or Service Fees
Another expense charged to merchants is the assessment charge, often known as the service fee. These fees are a small percentage based on the transaction volume and the risk level of each transaction assessed by the card networks individually.
Processing Fees
Each credit card processor charges their own fees. This is known as the markup fee that covers the costs to use the payment processor's services. At Mantra Payments these fees are determined based on the type of industry and transaction volume per month.
Our Payment Processing Pricing Model
It can be a bit time-consuming when deciding which specific processor and plan is right for you and your electrical contracting business. It all depends on the type and size of your business, your cash flow, level of reinvestment, payroll, expenses, and other outflows. However, at Mantra Payments we help tailor the right electrician credit card processing services and hardware that will work best for your small business. At Mantra Payments, we give your business the most transparent and cost-effective way to process credit cards by using Interchange-Plus Pricing.
Interchange-Plus Pricing
In order to maintain affordability while simultaneously lowering per transaction prices, Mantra Payments has decided to adopt pricing based on interchange plus. Our motto has always been transparency and low cost to the merchant.
EQUIPMENT
What Equipment Is Needed to Accept Credit Card Payments at a Electrician?
Think about how you manage your electrical contracting business, and the different forms of payments that you might accept to run it smoothly. In the modern world we live in today, it's not enough to only accept credit cards in person; other payment methods must also be taken into account. Consumers anticipate having the option to pay in person, over the phone, or online using a credit card, debit card, or mobile payment service (such as Apple Pay®, Google PayTM, or Samsung Pay), among other options. At Mantra Payments, we offer a variety of credit card processing equipment options tailored to meet your business’s needs. Our most up-to-date point-of-sale systems offer reliability, security, and the all-in-one software and hardware needed to perform and accept payments.
POS Systems We Offer:
Credit Card Readers
Credit card readers are small, portable devices that can be connected to your smartphone or tablet such as Clover Go or without a phone like the Clover Flex sold by Mantra Payments. They allow you to accept credit card payments on the go, whether you are at your store, a customer's location, or even at a trade show. This convenient solution enables you to provide a seamless payment experience for your customers, improving their overall satisfaction.
Credit Card Terminals
Credit card terminals are stand-alone devices that can securely process credit card transactions at your store. These terminals are equipped with various features, such as built-in receipt printers and touchscreen displays, such as Clover Station Solo POS system or Clover Station Duo POS system, making them easy to use for both you and your customers. With credit card terminals, you can accept all major credit cards and provide your customers with a quick and reliable payment option.
Online Payment Portals
An online payment portal allows your customers to make purchases from your business through a secure website. This solution is ideal for customers who prefer to shop online or for those who may not be able to visit your physical store. By offering an online payment option, you can reach a wider audience and provide convenience to your customers.
Mobile Payment Solutions
Mobile payment solutions, such as mobile wallets or payment apps, are becoming increasingly popular among consumers. By accepting mobile payments, you can cater to a tech-savvy customer base and offer a fast and secure payment method. Clover Go mobile payment solutions are especially convenient for customers who want to make quick purchases without having to dig through their wallets for their credit cards.
Point of Sale Accessories
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Receipt and kitchen printers
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Cash drawers
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Barcode scanners
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Business tools such as sales tracking, reporting, and inventory management
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Employee management tools such as payroll integrations
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Customer reward and loyalty programs
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Gift card programs
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And many more
ADVANTAGES
The Advantages of Credit Card Processing Solutions for Electrical Contractors
Implementing credit card processing solutions for your electrical contracting can bring numerous advantages to your business:
Increased Sales and Revenue
By accepting credit cards, you are opening your doors to customers who prefer to use this payment method. Studies have shown that consumers tend to spend more when paying with a credit card compared to other payment methods. By providing a simple and convenient way to pay, you can increase sales and boost your revenue.
Improved Customer Satisfaction
When customers have the option to pay with their preferred payment method, they feel more comfortable and satisfied with their overall experience. Credit card processing solutions allow you to offer a seamless payment process, reducing the likelihood of abandoned carts or frustrated customers. This improved customer satisfaction can lead to repeat business and positive word-of-mouth referrals.
Enhanced Security
Credit card processing solutions prioritize the security of your customers' payment information. By using encrypted technology and adhering to strict industry standards, you can protect your customers' data from potential breaches or fraud. Offering secure payment options reassures your customers that their personal information is safe, which in turn builds trust and strengthens your reputation.
Streamlined Operations
With credit card processing solutions, you can automate various aspects of your payment process, saving time and reducing manual errors. For example, credit card terminals can generate receipts and automatically record transaction details, simplifying your accounting and reconciliation processes. This streamlined operation allows you to focus on other aspects of your business and improve overall efficiency.
GET STARTED
Get Started With Payment Processing for Your Electrical Business
Contact us today to learn more about how our credit card processing solutions can help your electrical contracting business grow. Don't miss out on the opportunity to provide a seamless payment experience for your customers and enhance your overall business operations. With Mantra Payments, you can take your electrician to the next level.
What Additional Services are Provided by Mantra Payments?
Mantra Payments provides a number of additional services to help your business grow. We offer the following:
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Business lines of credit, small business loans, term loans, or merchant cash advances
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Payroll management
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Inventory and stock tracking
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Employee administration
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Customer engagement and loyalty reward programs
Contact us today to learn more about how our credit card processing solutions can help your electrical contracting business grow. Don't miss out on the opportunity to provide a seamless payment experience for your customers and enhance your overall business operations. With Mantra Payments, you can take your electrician to the next level.
FREQUENTLY ASKED QUESTIONS
FAQs About Electrician Credit Card Processing
Is it necessary for my small business to accept credit cards?
While it is not mandatory to accept credit cards, doing so can bring significant benefits to your business. Accepting credit cards can increase sales, improve customer satisfaction, and streamline your operations. It also opens the door to a wider customer base who prefers to pay with their credit cards.
How do credit card processing solutions enhance security?
Credit card processing solutions prioritize the security of your customers' payment information. They use encrypted technology and adhere to industry-standard security measures, protecting your customers' data from potential breaches or fraud. Offering secure payment options builds trust and strengthens your reputation with customers.
How can I get started with payment processing for my business?
Getting started with payment processing for your small business is easy. Simply contact Mantra Payments, and our team will guide you through the process of choosing the right solution for your business. Whether you need a credit card reader, terminal, online payment portal, or mobile payment solution, we have the expertise to help you get set up quickly and efficiently.